How to deal with Invoice Finance/Factoring

If you are using factoring the process will be firstly to set up your notice of Assignment under Agency Details - Agency Info, you MUST complete this:

Now on the Client record you can include your Factor code for your clients:

We also have invoice templates which include the Factor code:

To use these templates set the Client record to reference the factored template:

Bank Account Details:

If you pass all your invoice debt to a third party and the third party is responsible for making payments to the candidates then on the Agency Details - Agency Info set the agency bank details as the factoring companies bank details.

If you are using Etz to create your Bank Payment File (BACS file) then the bank details on this file are taken from the Bank details set above.

If you as an agency are making the payments then we have two ways you can cater for this:

1 - You amend the Bank details in the BACS file created to contain the correct information.

2 - You keep the Agency bank details on the Agency Details - Agency Info page and you use the bank details from Invoice text method to show the factor companies bank details. For this option you will need to use the invoice template: Factored (Payment Details From Invoice text) V1.8

To set up the Invoice text see the following article:

Where can I add different bank details to appear on a Sales Invoice

Reporting 

If you need to produce a report for your factoring company of all the invoices generated we suggest creating a batch containing the invoices and  then use the Invoice Summary Report from the batch view option.

or you can use the Sales Invoice - Sales day book

If you need to create a copy of the invoice for the factoring company the we suggest using the batches and the option to Create or re-create batch document, to create the document and then use the option Download batch document, this will then produce a pdf containing all the invoices.